A Ponzi Scheme for the Holidays

December 25, 2009 Andrew Samwick

Where I am spending the holidays, the sordid story of Scott Rothstein is dominating the news reports. From the Miami Herald, here is the essence of what he did under the guise of his law firm:

A court-appointed trustee in the law firm’s bankruptcy case said RRA has about $43 million in assets — and debts totaling more than $1.4 billion.

Read the story for the details of how he managed to fool people for so long. The depths of greed and stupidity to which some people will sink, in the plain view of others who do nothing to intervene, never cease to amaze me.

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About Andrew Samwick 89 Articles

Affiliation: Dartmouth College

Andrew Samwick is a professor of economics and Director of the Nelson A. Rockefeller Center at Dartmouth College in Hanover, New Hampshire.

He is most widely known for his work on the economics of retirement, and his scholarly work has covered a range of topics, including pensions, saving, taxation, portfolio choice, and executive compensation.

In July 2003, Samwick joined the staff of the President's Council of Economic Advisers, serving for a year as its chief economist and helping to direct the work of about 20 economists in support of the three Presidential appointees on the Council.

Visit: Andrew Samwick's Page

A Ponzi Scheme for the Holidays

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